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Transcript
COMMISSION DE SURVEILLANCE DU MARCHE FINANCIER DE L’AFRIQUE CENTRALE M E M O R A N D U M ABOUT COSUMAF In accordance with the legal provisions governing the CEMAC Financial Market, the Central African Financial Market Supervisory Commission (COSUMAF), in its capacity as the authority responsible for supervising, regulating and monitoring the market, has three primary tasks. It ensures: the protection of savings invested in securities and other financial instruments issued by public offering; the provision of information to investors; the proper functioning of the Market. COSUMAF thus monitors the following: issuers of securities; Proceedings for the issuing of securities; market bodies (the Central African Stock Exchange and the Central Securities Depository); market intermediaries (brokerage firms and their approved representatives, banks providing the services regulated by COSUMAF, financial investment advisers, lobbyists); investors involved with procedures for public offerings; any person involved in the operation of the Regional Financial Market; public tenders; collective investment undertakings and their management companies. In order to ensure the efficient operation of the Market, COSUMAF has been granted broad powers by the CEMAC Member States. - Regulatory power 1 COSUMAF's regulatory power is exercised via the establishment of regulations, the adoption of guidelines, circulars, notices, recommendations and statements. - Decision-making power This power enables COSUMAF to issue authorisations and approvals for the entities and procedures allowed on the Market and to take various individual measures. - Market surveillance power Market surveillance power enables COSUMAF to oversee the operation of the market with the aim of detecting market offences or any suspect behaviour (insider trading, price manipulation, dissemination of false or misleading information, use or communication of inside information), with market transactions monitored in real time. - Market player monitoring power COSUMAF has wide-ranging powers to order checks or investigations, in particular regarding market bodies, market intermediaries, and issuers. Checks and investigations are conducted based on both records and on an on-the-spot basis. - Injunction and sanctioning power The power of injunction makes it possible, in particular, for COSUMAF to order any entity involved in a regulation-breaching practice to desist. COSUMAF has the general power to impose sanctions on any person subject to its supervisory and monitoring procedures in the event that the person in question is involved in an irregular practice. COSUMAF'S ORGANISATION COSUMAF is an association of 12 individuals, including: a President, appointed by the CEMAC Heads of State Conference; 11 members appointed by the UMAC Ministerial Committee on the basis of their recognised expertise in accounting, financial and legal matters. The President is assisted by a Secretary General appointed by the UMAC Ministerial Committee; COSUMAF is divided into four departments as follows: Administrative and Financial Department Department of Legal Affairs, Regulations and International Relations Issuers Department Market and Players Department 2 CEMAC FINANCIAL MARKET PLAYERS The financial market players consist of central market structures and market intermediaries also known as brokerage firms (Sociétés de Bourse, SDB). Central structures of the Financial Market: Central African Stock Exchange (BVMAC) Central Securities Depository Settlement Bank (BEAC) Brokerage firms: BGFI Bourse EDC Investment Corporation La Financière SA FINANCIA Capital LCB Capital Management Firms: Corridor Asset Management CEMAC'S OPERATIONS ON THE FINANCIAL MARKET Between 2008 and 2015, the total funds raised on the financial market came to more than one thousand (1000) billion CFA via the issuing of bonds. The initial public offering of the company SIAT Gabon opened the "shares" section of the regional stock exchange on 3 September 2013. THE COSUMAF ASSOCIATION The COSUMAF Association (Collège de la COSUMAF) is the institution's decisionmaking body. Its meetings are convened in the capitals of CEMAC countries on a rotating basis. A press release is published at the end of each meeting to inform the public of any decisions taken. 3